Scaling the Shyft Network KYC/AML in Australasia

Scaling the Shyft Network KYC/AML in Australasia

Posted on August 6, 2018

Devika Ventures is proud to be partnering with the Barbados-based blockchain technology company, Shyft Network. Our shared objective is to implement the Shyft’s Network as the unified framework that will allow the private and secure sharing of Know Your Customer (KYC) & Anti Money Laundering (AML) data locally to achieve greater standardization and efficiency in regulatory compliance and due diligence mandates.

Shyft

The insights, efficiencies and capabilities from two companies, BlockUnity and Paycase, contributed to Shyft’s formation and development. BlockUnity is an asset-backed cryptocurrency technology company that focuses on developing Enterprise Blockchain Solutions. Paycase specializes in decentralized financial services. This includes their utilization of blockchain technology to participate in the global economy.

Shyft is developing the world’s first modern, secure, multi-stakeholder blockchain-based data ecosystem. It will enable attested or validated KYC/AML data transfers while simultaneously providing the highest level of data privacy and security for businesses, consumers, and governments across the globe. More simply, Shyft reduces the need for centralized data storage, which results in corporate reputational risk reduction and less instances for consumer’s personal data to be violated.

Shyft's Product

The goal for Shyft is to create a data ecosystem leveraging blockchain technology backed with strong cryptography. This will enable users to obtain, share, store and access data privately and securely. Through this system, customers will be able to authorize the distribution of their personal data. The practicality of this technology is evident in the example of an individual who is changing banks. The user authorizes the new bank to access to their existing data thus eliminating the need to re-enter previously distributed data. Through Shyft’s developing partnerships, this process of securely accessing and distributing data will become possible within Australia.

Here at Devika, we are not only excited by Shyft's cutting edge technology but resonate with their values. One of these values is to develop a global economy which is secure and accessible for all. Part of the solution includes extending Shyft’s technology to the 3.5 billion consumers who currently lack ‘identities’ and are thus unbankable within today’s standards. Shyft addresses this issue through the provision of profiles and reputational scores built by good activity on the network. These reputations can be used as collateral to prove credibility, thus allowing these individuals to finally be able to participate in the global ecosystem.

Shyft and Devika Partnership

Devika Ventures Co - founder, Alexander Bechelli, will be supporting the scaling of Shyft’s technology to the Australian market. This is alongside Shyft’s leadership team including Joseph Weinberg (Shyft Network’s Chairman), Loretta Joseph (Shyft Advisor), and other industry, regulatory and technology pioneers from both Shyft’s advisors and leadership teams.

Alexander Bechelli explained that he is excited by Shyft’s, "KYC enabled blockchain solution which is a perfect fix for a broken KYC/AML world. Blockchain's revolution is in its use cases rather than its software code."

Devika Ventures Co is always willing to collaborate with businesses who are striving to push boundaries and utilize innovative technology, particularly when it drives efficiency and inclusion for individuals and the wider community. If this sounds like you, contact us here.